When discussing the Federal Reserve's plans to taper asset purchases and the central bank's inflation targets, CNBC's Rick Santelli questioned whether the government's approach to inflation is a way to "fudge the numbers."

"Listen, I don't believe the government's calculations. There, I said it," Santelli said. "I don't have better numbers; I have common sense."

"There's a difference between real life and the government," he added.